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Oil prices have declined according to newly released data from the American Petroleum Institute (API), which also highlighted an increase in US crude inventories.

Brent crude prices have declined by $0.12 and it has been traded at $51.98 per barrel, while the US West Texas Intermediate (WTI) crude oil futures fell by $0.13 to $49.43 per barrel, reported Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) with other key oil producers such as Russia agreed to decrease output by 1.8 million barrels per day (bpd) for the first six months of this year to revive oil prices.

However, the initiative was largely ineffective due to a consistent increase in US inventories and the global oil market remaining bloated.

Brent crude, the internal benchmark of oil prices, lost nearly $5 per barrel since January when the OPEC-led output-cut commenced.

The fall in Brent prices is attributed to the record crude oil volumes circulating globally, despite OPEC measures.

Thomson Reuters Eikon shipping data shows that 50 million bpd have been booked for shipment on tankers this month, which represents a 10% increase since last December.